When a boxer throws this punch it's actually a set up for the following punch. If you throw that punch you want to make your opponent to think that you are throwing a lead uppercut. But instead throwing the punch circular you straighten it up. Therefore you lose power but have a good setup for the following power punch. You would try to hit you opponent on the eyes with that punch to take his sight.
In the GIF you can notice that Hamed's opponent is bending to the side to not get hit by the fake uppercut. Because of that Hamed creates a good distance for his following punch and his opponent diminished his ability to take the punch by taking his upper body out of balance.
I'd say it was more perpendicular. With the focus on the axis of his standing calf.
If you look closer at his right, he purposely makes it fall short by applying the rules of time and space continuum just before contact would usually apply.
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